On Thursday, the price of electricity on the exchange experienced a significant jump, causing concern for consumers. To avoid the headaches caused by sudden price increases, experts recommend opting for a fixed-term, fixed-price contract.
This price surge was attributed to the lack of wind power and maintenance work being done on key reactors in Finland and Sweden. However, by Friday, electricity prices stabilized as production aligned more closely with consumption, resulting in hourly prices ranging from 13 to 15 cents per kilowatt-hour. Compared to previous years, the long-term average price of electricity has become more stable, hovering around 6-7 cents per kilowatt-hour in recent months.
Looking ahead, electricity price futures suggest a decrease in prices in May and June, followed by a gradual increase as temperatures drop. Despite some fluctuations, the average energy prices are expected to remain relatively steady throughout the rest of the year. Currently, the most affordable fixed-term contracts are those with shorter durations such as a three-month contract offered by Vihreya Älyenergia Oy for 6.25 cents per kilowatt-hour.
For those looking for longer contracts, larger energy companies like Vattenfall and Helen offer slightly more expensive options with additional benefits. These companies provide fixed-term contracts ranging from one-and-a-half years to 24 months with prices varying between 7.90 to 8.80 cents per kilowatt-hour. It’s worth noting that some contracts include live usage effects based on electricity exchange prices which can either reward users for consuming electricity during cheaper hours or incur additional costs during peak hours.
In conclusion, despite occasional price spikes there are various options available for consumers to manage their electricity costs effectively through careful comparison and choosing the right contract; individuals can ensure a more stable and predictable energy bill each month while benefiting from additional features provided by larger energy companies